Is There A Difference Between Loss Assessors And Loss Adjusters?

If you run a business this may be a question that you have asked yourself and maybe even your colleagues. You may have found that most people do not even think that there is a difference between loss assessors and loss adjusters. The truth is that whilst they undertake similar tasks there is a major difference and if you run a business knowing these difference can save your company should you ever fall victim to major catastrophe at your premises - like fire, flood or theft.

Let us look at both roles separately and then find out what difference this could make to you as a business owner and potentially as a home owner as well.

What is a loss adjuster?

When you put in a claim to your insurance company for some form of major catastrophe that you have had at your work premises they will immediately appoint a loss adjuster. At the end of the day the loss adjuster will be working for the insurance company and like any other company it is important that they make as much profit as possible. A loss adjuster will pick through your claim very carefully and will be adjusting the final amount that you will receive in the payout. It can be quite surprising that this is the natural way of things - you would hope that if you have sufficient insurance cover you will get adequate compensation for all your loses, including any loss of profit.

What is a loss assessor?

A loss assessor on the other hand will be working with you - with your best interests in mind. Although they will undertake similar investigative roles it is this major difference that marks them apart. Without a loss assessor on your side it would be expected that you deal with all aspects of the claim yourself. Would you have all the necessary experience and knowledge to ensure that you got the best possible payout? The loss assessor will look after all the paperwork and liaise with the insurance company to ensure a fair payout.

This major fundamental difference in the roles undertaken by the loss assessor and loss adjuster could mean the difference for your business following a major disaster. A large number of companies have to fold or cease trading following a fire or flood at their premises - often due to the inadequate amount of money that they have received from the insurance company.

You will have invested a lot of time and money into your business and knowing the difference between these two jobs could be the lifeline that your business needs.

Wayne Barker writes for Harris Balcombe, the UK's foremost loss assessors. Harris Balcombe specialise in water damage insurance claims, flood insurance claims and business interruption insurance claims.